Goldman Sachs obtains patent for its cryptocurrency

cryptocurrency patent

Investment banking giant Goldman Sachs, which conspiracy theorists claim secretly controls the world from behind the scenes, has been awarded a patent for its cryptocurrency. 

The 150-year-old financial group with a market capitalisation of $90 billion has created a digital currency called SetlCoin, probably pronounced “settle coin”.

Now the bank has obtained a patent from the US Patent and Trademark Office which means it can now use the currency for transactions.

Goldman Sachs’ patent application outlined methods for exchanging setlcoins for digitised stocks of companies such as Google and IBM.

Setlcoins could also be used to trade other cryptocurrencies, such as bitcoin and litecoin.

In its patent application, Goldman Sachs explains: “The cryptographic currency protocol supports a virtual wallet that, in various embodiments, is a security and cash account for storing and managing the cryptographic currency.

“Opening a transaction via the virtual wallet to transfer the cryptographic currency is a strong guarantee of the availability of funds in the virtual wallet because, for example, funds are not transacted unless the commit phase is successful.”

The patent lists 20 points claimed by Goldman Sachs, among which are the following:

  • A non-transitory computer-readable storage device having contents adapted to cause a programmed computer system to perform operations relating to the cryptocurrency.
  • An apparatus comprising: at least one interface configured to receive, from a source computing node in a network, one or more electronic transaction messages, wherein the one or more electronic transaction messages include at least transaction information and a digital signature of the source computing node.
  • A method comprising: receiving, from a source computing node in a network, one or more electronic transaction messages, wherein the one or more electronic transaction messages include at least transaction information and a digital signature of the source computing node.

The company provides extensive background, within which it sets out the basics of the technology.

“A cryptographic currency is a digital medium of exchange that enables distributed, rapid, cryptographically secure, confirmed transactions for goods and/or services.”

Meanwhile, in Asia, the Japan Cryptocurrency Business Association is preparing to issue guidelines for the use of digital currencies after the government legalised bitcoin as a form of payment.

According to Nikkei, the JCBA is considering a “freeze on bitcoin transactions” while it prepares to “actively investigate and research necessary information, consolidate knowledge and exchange opinions, and aim for sound industry development”.

In most countries, bitcoin is not accepted as payment, and retailers in general have not turned their attention to cryptocurrencies.